They Are Scared
This week’s update is short, sweet and a little … odd.
It’s Rask Finance’s version of Grandma’s potato and … something soup.
My Email Intake
This week, I thought you would be interested to read a snippet of an email which I received from a financial adviser a few weeks back, who is looking to break out of the industry (in a good way).
I reckon I get at least one or two emails from Rask Finance users per day, on average.
At a rough guess, I’d say 70% of the time it’s someone sending us a crisp digital high-five with some praise for our free educational content, or to ask a question.
Another 20% of the time — this one I didn’t expect when I started Rask Finance — it is people who want to know what I’m planning to do next.
Not, “what are you having for dinner?” but “I love your site. How are you planning to make money?”
I answered that question here.
It’s a curious thing because most of the time these questions come from potential competitors.
It is as though they are scared that we are about to do something to disrupt their business, and I’d somehow just cough up the answers.
“Okay, yes, we’re starting that space program” — Malcolm Turnbull.
But seriously, I can’t quite put my finger on it.
What do they really want from me?
Is it the quality of our videos and courses that compels them to ask?
Are they genuinely interested in our business?
Or are they going on the defensive before we’ve even gone on the offensive?
I’m going to offer some free advice to anyone starting a business.
Focus on what your customers want, all the time.
Don’t worry about what everyone else is doing. Focus on the customer!
Make their life better every time you interact with them and your business will grow.
You: “What are the other 10% of emails?”
At risk of sounding like an egotistical douchebag, I’d say 5% of the time people are emailing me for work, partnership opportunities or something similar.
I’m very fortunate to be in a position where people offer to pay me to do something. Most of the time they do so without even meeting me!
But it’s the final 5% which is most alarming for me and the rest of us at Rask Finance.
It’s the emails I get that go like this:
———- Forwarded message ———-
To: Owen Raszkiewicz <email@example.com>
Date: Thu, Sep XX, 2017 at 10:XX PM
“Advisers know there job is to educate clients. However, they must also ensure they don’t teach them to fish as their revenue stream is their most important asset.”
Let me decipher the financial jargon for you…
Some financial advisers spend hours after hours educating their “clients” (read: mum and dad). Good.
These advisers will go an extra step to teach their clients what to look for. Good.
However, the advisers will avoid teaching their clients enough to make them feel 100% financially secure. Hmm…
“Cutting off your nose to spite your face”
That’s a saying which is used to describe needless self-destruction.
Facing disruption, some — not all — financial experts and institutions are choosing to do the exact opposite of what they should be doing ethically, professionally and — over time — financially.
Here at Rask Finance, our mission is to empower people.
To do so, we put everything on the table.
And we are only just getting started.
So, yes, maybe they should be scared after all.
Cheers, big ears!
P.s. I think you should join our free weekly newsletter (below) to be the first to receive my latest insights. Or not, whatever floats your goat.